Health
Fidson dominates Nigeria’s Pharma sector first-quarter 2026
Published
3 months agoon
As one of Africa’s largest pharmaceutical markets — trailing only South Africa by value, and among the continent’s largest by population and consumption volume — Nigeria nonetheless leans heavily on imports to bridge a wide domestic supply gap, with roughly 70 per cent of medicines still sourced from overseas to meet its healthcare needs.
However, some local drug manufacturing companies, such as Fidson, May & Baker, and Mecure Industries, continue to overcome local manufacturing challenges to ensure local drug production and even export some of the locally produced drugs.
Yet, even the local drug manufacturing market is at the mercy of importation as it sources more than 90 per cent of its active pharmaceutical ingredients and excipients overseas.
Population growth, the pressure of urbanisation and increasing healthcare awareness are stoking demand for medicines in Nigeria, notably over-the-counter drugs which are seen taking up 69.4 per cent of total market share this year.
From $2 billion to $3.3 billion, estimates diverge as to the size of the Nigerian pharma market, with compound annual growth rate (CAGR) put at 6.5 per cent from 2025 to 2029.
Fidson’s dominance
On the exit of British multinational biopharma firm GlaxoSmithKline from Nigeria in 2023, the active pharmaceutical companies listed on the Nigerian Exchange are now four, namely Fidson Healthcare, May & Baker, Mecure Industries and Neimeth. That is only a fragment, considering that over 120 functional drugmakers altogether operate in Nigeria.
Fidson, which has a contract manufacturing relationship with Haleon, a British multinational consumer health giant and producer of brands such as Sensodyne, Panadol, Advil and Centrum, has led the publicly quoted pharma market for quite a while.
It holds the biggest slice of that market, alone accounting for well above half of the market share in the quarter to March 2026, when revenue soared to N42.6 billion year on year from N35 billion.
Mecure Industries, May & Baker (where Theophilus Danjuma, a former chief of army staff and minister of defence, is the biggest shareholder) and Neimeth came in tow, recording N20.2 billion, N8.4 billion and N1.8 billion in that order.
Little as it looks, exports by Fidson, at N1.8 billion, constituted only 4.3 per cent of revenue, but was a vast progress over the N146.5 million earned in the same period of the previous year.
Fidson’s topline performance in the period, as in recent years, built on a domestic prescription drug market boom, which Statista forecasted to touch $2.9 billion in sales in 2025 and thereafter advance at an annual growth rate of 3.6 per cent through 2029.
Ethical drugs, which have secured a place for themselves as the lifeblood of revenue, alone contributed 56.3 per cent of turnover.
For the financial year 2025, annual revenue climbed to an all-time peak of N119.1 billion from N84.1 billion, 53.3 per cent higher than that of Mecure, its closest rival.
Investment management firm Cardinal Stone has estimated that revenue for Fidson recorded a CAGR of around 28.5 per cent from FY 2021 to FY2024.
Beyond the favourable market dynamics, sales growth has reaped gains in no small measure from the forward-looking sectoral reforms of a government that is dreaming of ramping up the local share of national drug production to 70 per cent by 2030.
Nigeria’s pharma industry watchdog, the National Agency for Food and Drug Administration and Control, issued a provisional approval in April for R21 Malaria Vaccine to be marketed in Nigeria.
The push cleared the hurdle for a deal between Fidson and Serum Institute of India Pvt Limited, the maker of the vaccine, targeting prevention of clinical malaria in children aged 5 to 36 months and reduction of malaria-related mortality in tropical Africa.
In September 2024, the company reached a joint venture pact with Chinese companies Jiangsu Aidea Pharma, Nanjing PharmaBlock, and the Beijing-based China-Africa Development Fund to set up a facility for the manufacturing of HIV drugs in the Lekki Free Trade Zone in Lagos, aiming for West African pharmaceutical markets.
The management took its international partnership further last September when it had an agreement with Ohara Pharmaceutical Co. Limited.
The move would enable the Tokyo-based company to support Fidson’s capital raise and offer advisory support “based on insights from the Japanese pharmaceutical industry that will expand the capabilities of Fidson to produce more specialised medicines for the management of diverse disease conditions.”
Profit After Tax
Fidson’s post-tax profit went up by 39.4 per cent to N4.6 billion in Q1 2026, compared to a year ago, helped by a stronger sales expansion and, in part, by cost management. Mecure and May & Baker jointly came second, each reporting N1.3 billion, while Neimeth posted N113.4 million.
After-tax profit for 2025 grew to N9.9 billion from N4.4 billion. The company was followed by Mecure (N6.5 billion), May & Baker (N4.4 billion) and Neimeth (N976.4 million).
“Notably, during the period, the company commenced the export of its products, earning an additional N523.1 million in revenue,” Cardinal Stone stated in a research note in January on the 2025 rreport.
The Financial Times, in its African Fastest Growing Companies’ list for 2024, ranked Fidson 65th at a CAGR of 42.1 per cent. The company took the 67th position the following year with a CAGR of 42.6 per cent.
EBIT Margin
EBIT margin, which shows the operational profitability of a company by measuring its core profit in proportion to revenue, stood at 19.4 per cent for Fidson in the first quarter of the year, slightly up from Q1 2025 level of 18.9 per cent.
Neimeth led in this performance parameter, scoring 32.4 per cent, followed by Mecure (22.5 per cent) and May & Baker (21.3 per cent).
Fidson reported 18.4 per cent in EBIT margin for 2025, significantly higher than 5.2 per cent in 2024.
NET PROFIT MARGIN
Fidson’s net profit margin stood above all its peers’ but May & Baker’s (15.2 per cent) in the first quarter of 2026 as it jumped to 10.7 per cent from 9.3 per cent a year ago. Mecure reported a net profit margin of 6.7 per cent in the period, while Neimeth recorded 6.5 per cent.
For FY2025, the company posted a net profit margin of 8.3 per cent, up from 5.2 per cent in the corresponding period of the preceding year.
TOTAL ASSETS
The company is regarded as Nigeria’s biggest drugmaker on the strength of its asset base, which topped N93.7 billion in the period under review, increasing by 16.7 per cent year on year.
That was spurred largely by a more than twofold surge in trade & other receivables and, in part, by property, plant and equipment, following increased construction work in progress.
Total assets stood at N80.3 billion as of FY2025 and at N73.5 billion at FY2024.
Last December, Fidson launched a N21 billion rights issue, which was oversubscribed by 117 per cent, to raise capital to beef up production capacity, accelerate its pan-African expansion and deleverage its balance sheet.
Mecure Industries’ total assets for the period rose 36.4 per cent to N81.3 billion, May & Baker’s climbed by 1.5 per cent to N26.8 billion, while Neimeth’s jumped by 13.7 per cent to N14.1 billion.
READ ALSO: Drug maker Fidson posts 28% jump in half-year profit
RETURN ON AVERAGE EQUITY (ROAE)
Fidson’s ROAE dropped to 7 per cent from 12.8 per cent as its shareholder fund sharply expanded at a rate disproportionate to its net profit during the period, diluting the indicator. As a financial metric, ROAE implies how effectively the shareholder fund of a company has been used in earning profit over a period of time.
For FY2025, ROAE stood at 37.6 per cent, up from 28.9 per cent the year before.
May & Baker recorded an ROAE of 8.9 per cent within the period, down from 10.9 per cent in the first quarter of 2025. Mecure reported 6.5 per cent, up from 4.5 per cent, while Neimeth recorded 4.2 per cent, compared with 6.8 per cent a year earlier.
RETURN ON AVERAGE ASSETS (ROAA)
Fidson topped others in terms of ROAA, an indicator of how well a company puts its assets to use in generating profit, scoring 5.2 per cent in Q1 2026, relative to 4.2 per cent a year ago.
It recorded 12.9 per cent for FY2025 and 8.5 per cent for FY2024.
May & Baker came next at 4.9 per cent ROAA in Q1 2026, up from 4.5 per cent, while Mecure fell to 1.6 per cent from 4.1 per cent. Neimeth dropped to 0.8 per cent from 0.9 per cent.
Editor’s Note: This is a Native Advertising story.
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Health
Ebola: How much have Nigerian states allocated to emergency preparedness?
Published
1 hour agoon
October 27, 2026
Nigeria’s first confirmed case of Ebola in more than a decade has raised questions about how prepared state governments are to detect and contain the virus before it spreads through their communities.
The World Health Organisation said on 20 October that Nigeria had recorded an imported case of Ebola caused by the Bundibugyo virus. The patient is the wife of a Swiss diplomat based in Abuja. She arrived in Nigeria on 3 October after travelling from Uganda and developed symptoms a few days later. The patient and her spouse were later evacuated to Switzerland on Monday while health authorities identified 53 contacts and began monitoring them.
The confirmation followed weeks of warnings from the Nigeria Centre for Disease Control and Prevention (NCDC) about the risk of the virus entering Nigeria from an outbreak that began in the Democratic Republic of the Congo.

Health authorities are identifying people who may have been exposed, tracing their movements, testing suspected cases, protecting healthcare workers and preventing further transmission. Much of this work depends on coordination across states, local government areas and health facilities, where people live and seek treatment.
A PREMIUM TIMES review of states’ 2026 approved budgets shows differences in allocations for disease surveillance, infection control, emergency operations and infectious disease facilities.
Some states made substantial provisions for health emergencies, while others allocated smaller sums to specific disease-control activities. Some budgets provide for preparedness under general health emergency headings, while others identify particular diseases, facilities or surveillance programmes.
The allocations do not establish how much money is available for an immediate Ebola response or whether the systems funded are operational. They show what state governments have provided for in their 2026 budgets, offering a basis for examining their stated priorities for public health preparedness.
The NCDC (Establishment) Act 2018 provides the statutory foundation for the agency’s work in preventing, detecting and controlling diseases of public health importance. The agency coordinates disease surveillance, provides technical support to subnational authorities and supports responses to public health emergencies.
The International Health Regulations (2005), a legally binding international framework, also requires countries to develop and maintain the capacity to detect, assess, notify and respond to public health risks.
The National Health Act 2014 provides another part of the framework. Section 11 establishes the Basic Health Care Provision Fund to support essential health services, particularly at the primary healthcare level. Although the fund is not a substitute for state emergency-response budgets, primary healthcare facilities play an important role in early detection, referral and disease reporting.
These frameworks do not prescribe a uniform amount that every state must earmark specifically for Ebola. They nevertheless underscore the need for functional public health systems capable of identifying and responding to infectious disease threats.
In May, the NCDC warned that the risk of Ebola being imported into Nigeria was high. It cited international travel, population movements and the difficulty of distinguishing early Ebola symptoms from common illnesses such as malaria. The agency urged states and the Federal Capital Territory to strengthen their preparedness and ensure they could detect and contain suspected cases promptly.
The subsequent confirmation of an imported case has made those preparations more urgent.
On Monday, the World Health Organisation said Nigeria currently has no active Ebola case after the country evacuated its index patient to Switzerland. The WHO Regional Director for Africa, Mohamed Janabi, said this in a post on X, shortly after Nigeria’s Coordinating Minister of Health and Social Welfare, Muhammad Pate, confirmed the patient’s evacuation from Nigeria.

Billions budgeted for state’s preparedness
Among the largest provisions identified in the 2026 approved state budgets are Delta’s N37.28 billion for emergency operations centres, Zamfara’s N20 billion for a health emergency response fund and Lagos’s combined N17.79 billion for two infectious disease research facilities.
Delta’s 2026 budget also provides N590 million for integrating national disease surveillance, N100 million for the control and management of infectious diseases and N50 million for communicable diseases.
Zamfara’s N20 billion allocation for a health emergency response fund could provide substantial funding for public health crises. Its effectiveness will depend on how the money is released and deployed.
Lagos’s combined N17.79 billion allocation comprises N15.27 billion for a public health epidemics and infectious disease research institute and N2.52 billion for an infectious disease research institute at Mainland Hospital, Yaba. The facilities could strengthen the state’s capacity to respond to outbreaks such as Ebola, although their contribution will depend on their completion, staffing, diagnostic capabilities and recurrent funding.
Meanwhile, Ogun provides N2.5 billion for a medical emergency preparedness and response project and N4.8 billion for national disease surveillance. Akwa Ibom allocated N1 billion for upgrading statewide emergency health interventions and N100 million for upgrading its health emergency operations centre.
These allocations show the amounts the states have provided for emergency preparedness in their 2026 budgets. They do not, on their own, establish how much funding has been released or which systems are ready for immediate use.
An operational emergency operations centre with trained staff, reliable communications and established response procedures may be more useful in the early hours of an outbreak than a facility still under construction. Similarly, a functioning surveillance system may detect a suspected case before a large emergency allocation translates into operational capacity.
Funding for surveillance, hospitals and infection control
The 2026 approved budgets show different approaches to health security, ranging from hospital rehabilitation and emergency equipment to disease surveillance and community-level prevention.
Cross River allocated N350 million to upgrade the abandoned tuberculosis hospital in Obubra into an infectious disease hospital, N300 million for a disease-control and partners complex, and N20 million for communicable disease prevention and control. The combined allocation is N670 million for infrastructure and disease-control activities.
Enugu’s 2026 budget includes N129.33 million for communicable diseases, N100 million for medical equipment intended to strengthen health security, N20 million for furniture and information technology equipment for a health sector command centre or public health emergency operations centre, and N10 million for fencing an infectious disease hospital. The four provisions total N259.33 million.
Kaduna allocated N179.69 million for monitoring and tracking public health emergencies and N620.68 million for the Kaduna State Centre for Disease Control. Together, the two provisions amount to N800.37 million.
Kebbi allocated N410.37 million for disease surveillance tools, equipment and essential emergency drugs for its emergency operations centre. Kwara set aside N301.5 million for integrated national disease surveillance, while Plateau provided N25.7 million for the same general purpose.
Kogi allocated N500 million for health security involving emergency preparedness, response and disease control, alongside N3.02 million for controlling emerging public health diseases. Benue provided N19.38 million for infection control and community awareness.
Other states made provisions for surveillance vehicles, emergency response systems and outbreak management. Taraba allocated N107 million for disease surveillance and response vehicles, in addition to N27.37 million for establishing and maintaining a responsive public health emergency system.
Adamawa’s 2026 budget includes N10 million for communicable diseases, N2 million for emergency response to rural outbreaks and N27.8 million for chemicals used in fumigation and decontamination.
In the North-east, Bauchi allocated N500 million for surveillance and disease outbreak prevention, N100 million for medical equipment for communicable diseases, N100 million for rehabilitating the infectious disease hospital at Bayara and N300 million for renovating another infectious disease hospital.
Gombe provided N35 million for disease surveillance under its public health emergency system, N10 million for emergency operations centres and N3 million for communicable diseases. Yobe allocated N1.09 billion for health emergency services, while Borno earmarked N35 million for research on communicable diseases.
In the North-west, Jigawa allocated N135 million for renovating its infectious disease hospital in Dutse. Kano’s 2026 budget includes N92.7 million for integrated disease surveillance, N115 million for coordinating communicable disease activities in primary healthcare, N20 million for coordinating public health emergencies at local government level and N54.67 million for strengthening its communicable disease prevention task force.
Katsina provided N50 million for an infectious disease fund and another N50 million for communicable disease control. Sokoto allocated N500 million as counterpart funding for health emergencies, N73 million in recurrent funding for the Infectious Disease Hospital in Amanawa and N75 million for an ambulance for the hospital. The budgets also contain provisions for equipment and community-level prevention.
In the South-east, Abia allocated N4.5 million for research on vaccine hesitancy and disease burden, N4.5 million for an electronic surveillance system for communicable diseases and N10 million for distributing buckets with taps to 903 primary healthcare centres.
Anambra provided N90 million for a disease control and surveillance centre, N10 million for controlling emerging communicable diseases and N15 million for surveillance and epidemic response equipment.
Ebonyi allocated N15 million for equipment for emergency response to epidemic disease control. Imo’s N500 million provision is specifically for operational funding for its COVID-19 emergency operations centre. The existing centre could potentially support an Ebola response, depending on its capacity and readiness.
READ ALSO: Ebola: Why Nigeria evacuated patient to Switzerland – NCDC
In the South-west, Ondo’s appropriation includes N95 million for disease outbreak monitoring, response and free health commodities, N60 million for emergency preparedness and disease surveillance, and N13.6 million for procuring 10,000 personal protective equipment items. Osun allocated N119.7 million for communicable diseases, while Oyo provided N38 million for a responsive public health emergency preparedness system.
Bayelsa budgeted N30 million for research and development into early warning systems and integrated national disease surveillance. Niger State’s 2026 budget includes N860 million for a USAID grant-related consortium programme focused on universal health coverage, malaria and other communicable diseases.
Nasarawa allocated N590 million for vehicles, an ambulance, isolation ward equipment, oxygen and medical air plants, and other infrastructure at the state’s Infectious Diseases, Diagnosis and Research Centre in Lafia. The budget also includes N4 million for communicable diseases and N7 million for disease surveillance, prevention and control.
This review did not identify a relevant emergency allocation in Ekiti’s approved 2026 budget. The state may have provisions for health emergencies under other headings, but the review could not identify an allocation for that purpose. The 2026 approved budgets for Rivers State and the Federal Capital Territory were not publicly available for this review.
Why the money must translate into operational capacity
The NCDC’s preparedness guidance identifies several requirements for responding to Ebola, including early detection, isolation and referral, laboratory diagnosis, contact tracing, infection prevention and control, risk communication, and protection for health workers.
These activities require more than construction projects. They depend on trained surveillance officers, functioning reporting systems, reliable transport, protective equipment, access to testing and facilities capable of safely managing suspected cases.
Nigeria’s experience in 2014 illustrates the importance of these systems. After an infected traveller arrived in Lagos, cases were subsequently recorded in Port Harcourt. Nigeria recorded 20 cases and eight deaths before transmission was interrupted.
The outbreak demonstrated the importance of quickly identifying exposed people, tracing their contacts, isolating cases and coordinating public health action across jurisdictions.
The recent Ebola case has not been reported to have spread across Nigeria. Preparedness measures are designed to prevent an imported infection from developing into sustained community transmission.
Koko Udo, a director of Bestway Initiative for Health, Education and Self Sufficiency, who holds a PhD in virology, said the immediate question for state governments was whether the systems provided for in their budgets were operational and accessible when needed.
“A state may have a designated infectious disease hospital, but do they have trained staff, suitable isolation arrangements, adequate protective equipment and the ability to refer patients safely?” he said.
Mr Udo said an emergency operations centre should be assessed on its staffing, communications, surveillance links and capacity to coordinate a response, rather than its mere inclusion in a budget.
“There is need for states to learn from the 2014 Ebola and Covid-19 outbreak. The state governments need to release money for these preparations immediately,” he said.
Mr Udo said surveillance funding should translate into health workers who could recognise suspected cases, report them promptly and receive support to investigate alerts. He also called for clear procedures for releasing emergency funds to prevent avoidable administrative delays in procurement and deployment.
He urged the NCDC and federal health authorities to publish state-by-state preparedness assessments identifying gaps and the support needed to address them. Such assessments, he said, would help the public distinguish states with functioning emergency systems from those whose provisions existed only on paper.
The legal and policy frameworks provide a basis for coordinated disease surveillance and response. The 2026 approved budgets show how state governments have chosen to fund parts of that responsibility. Neither the frameworks nor the allocations establish that the systems are working.
As Nigeria responds to its latest Ebola threat, the test is not simply which governor has announced the largest allocation or which state has budgeted for the most expensive infectious disease facility.
It is whether a health worker who encounters a patient with symptoms consistent with Ebola knows what to do, whether the alert reaches the relevant authorities promptly, whether a response team can arrive without delay, and whether the state can isolate and refer the patient safely while protecting other patients and health workers.
This is because while Nigerians need to know what their governments budgeted for health emergencies, they also have to know what those funds have made possible.
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Health
Ebola: Why Nigeria evacuated patient to Switzerland
Published
7 hours agoon
October 26, 2026
Nigeria’s decision to evacuate its confirmed Ebola patient to Switzerland was based on diplomatic considerations, human rights and international health regulations, the Director-General of the Nigeria Centre for Disease Control and Prevention (NCDC), Jide Idris, has revealed.
Speaking on Channels Television’s Politics Today on Monday, Mr Idris said the federal government approved the transfer after consultations with the Coordinating Minister of Health and Social Welfare, Muhammad Pate, and assurances that adequate infection prevention measures would be maintained throughout the journey.
The clarification follows an earlier report that the patient, a woman who is the wife of a Swiss diplomat in Nigeria, was evacuated through the private jet wing of the Nnamdi Azikiwe International Airport in Abuja.
Mr Idris dismissed suggestions that the government had secretly removed the patient from Nigeria, saying the evacuation followed a formal request from the Swiss Embassy.
“I won’t use the word ‘snuck out’. That’s a no-brainer. It is the first time something like that has happened,” he said.
He said the government weighed the implications of the transfer for public health, international health regulations and the patient’s rights before granting approval.
According to him, officials ensured that infection prevention and control protocols were followed from the hospital where the patient was receiving treatment to the aircraft that transported her.
Patient remains positive
Mr Idris said the patient had tested positive twice before her evacuation, explaining that improvements in her clinical condition did not necessarily mean she had cleared the virus.
He commended the Nigerian medical team for stabilising her condition, which he said had deteriorated to the point of multiple organ failure.
“There are no drugs to deal with this virus,” Mr Idris said, referring to the absence of an established antiviral treatment specifically targeting the Bundibugyo virus responsible for the current outbreak.
Mr Pate earlier confirmed that Nigeria’s Ebola patient and her husband arrived safely in Switzerland on Monday following their medical evacuation from Abuja.
In an update posted on his official X account, Mr Pate said the patient was receiving treatment at Geneva University Hospitals, while her husband had been placed in isolation at University Hospital Zurich.
“The Swiss authorities have confirmed that the patient and her spouse arrived safely in Switzerland today,” he said.
Previous development
Nigeria confirmed its first Ebola case on 20 October, after a 42-year-old Ugandan-born woman living in Abuja tested positive for the disease.
The patient had returned to Nigeria on 3 October after travelling to Uganda and developed symptoms few days later.
She was subsequently admitted to a health facility in Abuja, where she received treatment in isolation before her evacuation to Switzerland on Monday.
Following her evacuation, the World Health Organisation (WHO) said Nigeria had no active confirmed Ebola cases, although contact monitoring and other containment measures were continuing.
The WHO said Nigeria was continuing to monitor 52 contacts, while Switzerland had taken responsibility for the patient’s care and monitoring her husband, who was among the 53 contacts previously identified.
The NCDC had earlier identified 53 primary contacts linked to the confirmed case, including healthcare workers, the patient’s husband, domestic staff and personnel involved in collecting samples.
Health authorities are monitoring the contacts for possible symptoms to detect any additional infections and prevent further transmission.
Mr Pate had earlier said Nigeria could declare the Ebola outbreak over as early as 7 December if no further confirmed or probable cases were detected.
Caution
Mr Idris urged Nigerians to maintain good hand hygiene and exercise caution during mass gatherings, particularly where close physical contact could occur.
He said handwashing could reduce the spread of several infectious diseases, while recommending measures to limit unnecessary physical contact in crowded settings.
However, he stressed that Ebola is not airborne. The virus spreads primarily through direct contact with the blood or other bodily fluids of an infected person, or with contaminated materials.
He advised people who develop symptoms consistent with Ebola, particularly after contact with a suspected or confirmed case, to seek prompt medical guidance.
Mr Idris also cautioned against relying on herbal mixtures to prevent or cure the disease, saying there was no established evidence that such preparations could prevent or treat Ebola. He warned that some herbal products could also cause harmful side effects.
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